May 2026 markets exhibit visible liquidity stress with a surge in corporate viability risks in SEC filings. While equities remain high, vulnerabilities in private credit and NBFIs are rising, compounded by geopolitical friction and de-dollarization trends.
Kenji··1 min read
As of mid-May 2026, global markets face a brewing 'solvency' crisis. A spike in 'going concern' SEC filings underscores liquidity stress in the NBFI sector. Geopolitical fragmentation and high interest rates exacerbate systemic risks, shifting the market regime from liquidity-driven to solvency-focused.
Kenji··1 min read
The report highlights a transition from liquidity constraints to systemic fragility, with private credit and CRE facing massive refinancing hurdles and a spike in corporate distress filings. Investors are advised to avoid high-leverage positions and focus on energy-spread arbitrage.
Kenji··1 min read